Drilling Deeper, Climbing Higher Grey Wolf, Inc
Drilling Deeper, Climbing Higher Grey Wolf, Inc. 2001 Annual Report Grey Wolf, Inc. is a leading provider of contract oil and gas land drilling services in the United States serving major and independent oil and gas companies with its premium fleet of 120 drilling rigs. The Company operates in the South Texas, West Texas, Gulf Coast, Ark-La-Tex, Mississippi/Alabama and Rocky Mountain markets – areas with the nation’s most significant onshore natural gas reserves. With superior equipment and quality crews, Grey Wolf continues to provide value-added services to cus- tomers facing the technical challenges of deeper and more complex drilling projects. TEXAS On the Cover: Based in the Rockies, Grey Wolf’s Rig 558 – one of the world’s largest land rigs – is ideally suited to drill challenging formations to depths exceeding 24,000 feet. Financial Highlights (in thousands, except per share amounts) 1997 1998 1999 2000 2001 Revenues $ 215,923 $ 240,979 $ 147,203 $ 269,334 $ 421,501 Net income (loss) 9,978 (83,213) (41,262) (8,523) 68,453 Earnings (loss) per share: Basic 0.07 (0.50) (0.25) (0.05) 0.38 Diluted 0.07 (0.50) (0.25) (0.05) 0.38 Total Assets 533,752 501,303 452,846 510,866 623,876 Long-term debt 176,530 250,832 249,962 249,851 250,695 Shareholders' equity 249,216 166,691 125,577 173,416 245,297 Working capital 66,644 44,489 16,353 60,029 113,163 Operational Highlights Operating days 24,405 26,230 16,436 26,107 30,924 Average revenue per rig day $ 8,847 $ 9,187 $ 8,956 $ 10,317 $ 13,630 Average margin per rig day $ 2,187 $ 1,824 $ 382 $ 2,150 $ 5,963 Average rigs operating 67 72 45 71 85 1 To Our Shareholders We were disappointed that the up-cycle in drilling 2001 was the best year in Grey Wolf’s history.
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